Shares of Hindustan Aeronautics (HAL) rose about one percent on September 4, as shareholders of the defence player approved sub division of equity shares of the company in its 60th Annual General Meeting (AGM) held on August 31.
HAL has fixed Friday, September 29 as the Record Date to determine which shareholders will be eligible for the division of their current one fully paid-up equity share with a face value of Rs 10 each into two fully paid-up equity shares of Rs 5 each, the company said in an exchange filing post market hours on September 1.
“The Record Date for the purpose of sub-division of equity shares shall be Friday, September 29, 2023, if sub-division is approved by the shareholders at AGM (Annual General Meeting),” the company had said in June.
At 9:40 am, shares of the company were trading 0.6 percent higher at Rs 3,967 on the BSE. The scrip has rallied 25 percent in the past one month.
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Recently, the US Congress has approved the much awaited General Electric (GE) Aerospace's deal with HAL to produce fighter jet engines for the Indian Air Force (IAF). This agreement, signed during Prime Minister Narendra Modi's visit to the United States in June, includes technology transfer and jet engine manufacturing in India.
According to HAL's Chief CB Ananthakrishnan, the fighter jet engine technology agreement with the US is a game changer. He believes it will propel India forward in the years to come and serve as the foundation for future homegrown engines to drive military aircraft.
Analysts had suggested that if the potential agreement with GE for fighter jet engines comes to fruition, it could open the door for more technology transfer and absorption from countries such as the US, serving as a significant driver for growth.
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